Screens at the Nasdaq MarketSite, in New York's Times Square, show the Dow Jones industrial average shorthly after the opening bell, Wednesday, April 17, 2013. Disappointing earnings reports and falling energy prices pushed stock prices lower in early trading on Wall Street Wednesday. (AP Photo/Richard Drew) less

Screens at the Nasdaq MarketSite, in New York's Times Square, show the Dow Jones industrial average shorthly after the opening bell, Wednesday, April 17, 2013. Disappointing earnings reports and falling ... more

Photo: Richard Drew

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In this Tuesday, April 16, 2013, photo, specialist Paul Cosentino, left center, works at his post on the floor of the New York Stock Exchange. World stock markets were mixed Wednesday, April 17, 2013 with Asian stocks boosted by positive U.S. data while European shares fell over worries about Germany in the wake of a downbeat investor survey. (AP Photo/Richard Drew) less

In this Tuesday, April 16, 2013, photo, specialist Paul Cosentino, left center, works at his post on the floor of the New York Stock Exchange. World stock markets were mixed Wednesday, April 17, 2013 with Asian ... more

Photo: Richard Drew

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Global economy hurts stocks

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As evidence of a slowing global economy grows, investors are showing some caution just one week after U.S. stocks hit an all-time high.

Stocks fell after lackluster earnings from Bank of America and an apparent drop in demand for Apple's iPod and iPhone dragged financial and technology stocks lower..

The Dow Jones Industrial average fell 138 points, or 0.9 percent, to 14,618.59 Wednesday, wiping out most of the gain it made Tuesday. The Dow, which reached an all-time high of 14,865 last Thursday, is down 1.7 percent this week after slumping 265 points on Monday.

The Standard & Poor's 500 index dropped 22 points, or 1.4 percent, to 1,553 and is 2.2 percent lower since the opening bell on Monday. The S&P is 2.5 percent below its all-time high of 1,593.

The price of crude oil dropped for the fourth day in five, falling 2.3 percent to $86.68 per barrel, based on expectations that global demand will fall. Copper fell to an 18-month low of $3.19 a pound.

As stock prices sank, investors sought the safety of bonds. The yield on the 10-year Treasury note, which moves inversely to its price, fell to 1.70 percent from 1.73 percent. It went as low as 1.68 percent, matching its lowest level of the year.

Bank of America fell 4.8 percent to $11.68 on Wednesday and led financial stocks lower after reporting a first quarter profit of $2.3 billion. That fell short of analysts' expectations.

Technology stocks also fell sharply, led by Apple. The Nasdaq composite index fell 59.96 points, or 1.8 percent, to 3,204. Apple, which makes up 8 percent of the index, slumped 5.5 percent to $402.80, after a supplier hinted at a slowdown in iPhone and iPad production.